Heard a lot about NFTs? Or found about some people making billions out of just flipping NFTs? Well, whatever you read is quite exciting. In recent times, NFTs have become the buzzword for many internet users.
They are the Nonfungible tokens that offer users a way to represent their physical assets and claim ownership of it. But How does it happen? Have you ever wondered, where people do such activities? The answer to this question is the NFT Marketplace. An NFT Market place is like an online store, where people can either sell or buy NFTs. Think of it, as similar to eBay.
With so much hype created in The world of NFTs, NFT Marketplace has gained a unique position. So, when so many things are happening around NFTs, Why not create an NFT marketplace.
If you are an individual, entrepreneur, or company, the NFT marketplace is something you should think about building. And after reading this article you will be one step closer to building an NFT.
In this blog, we will discuss everything about building an NFT marketplace on Solana Blockchain.
What is the NFT Marketplace?
An NFT Marketplace is an exclusive online store, which allows artists, creatives, and other professional designers to come together and showcase their different digital collectables and do effective asset Management and crypto trading. All the transactions happening on the NFT marketplace are done through the smart contract. Some of the most popular NFT marketplaces are OpenSea, Raible, and many more.
Such NFT marketplaces are deployed on Ethereum. Although Ethereum is known to be one of the most secure and oldest blockchains there are some limitations such as high gas fees and slow transaction processing. Hence most people are now exploring different blockchains to deploy the NFT marketplace.
One such blockchain that has become the one-stop solution for deploying the NFT marketplace is Solana. The reasons are the following.
Solana is a Proof of History and Proof of Consensus-based blockchain that offers users fast transaction processing and high throughput.
The amount of fees charged on Solana is almost 1/10th of the fees charged on Ethereum for NFT transactions.
Businesses can generate more revenue and offer a high-performance Model for the NFT creators with such low cost and high transaction throughput.
NFT metadata can be stored on decentralized cloud storage systems such as IPFS and FIlecoin.
How to build an NFT marketplace on Solana?
Building an NFT marketplace is not rocket science, but there are some important steps that you should follow to build the best NFT Marketplace on Solana.
Step 1: Build and Design a User Interface and the User experience for the NFT Marketplace. This step requires you to determine all the user requirements and define the scope of the Product that you want o build.
Step 2: Do market research and find innovative features to integrate In this step, you should prepare complete documentation and release a whitepaper to explain all the functionality and features to integrate it.
Step 3: Do feature lock and build smart contracts with all the features. After you define all the features, hire a blockchain developer to design an end-to-end smart contract for the product.
Step 4: Work on Smart contract testing and auditing. Smart contract Security check and auditing is the most important step. In this you can, hire an auditing firm or security experts to check and do quality assurance of the smart contract developed.
Step 5: Integrate the smart contracts with the User Application. There lot of libraries available on a different technology stack that can be leveraged to connect smart contracts with the UI.
Step 6: Deploy it on the testnet and do aggressive testing. Once you have a complete end-to-end Application ready, you can deploy the smart contract on Solana Devnet or the Testnet and release it for testing for the early community members.
Step 7: Release a beta version on Mainnet of the Solana blockchain. The reason for launching a beta version is that you can keep improving your product based on the feedback from the early users.
Different ways to build Solana NFT Marketplace
- Build from scratch by hiring NFT Developers and Experts.
- Buy a ready-made solution from any Blockchain development company
If you plan to make it from scratch, then you need to do a lot of ground-level work. This will include finding innovative features and improvising the existing ones. As this is needed to make you stand out of crowd. You will need a lot of manpower to develop an NFT Marketplace From Scratch.
On the Other side, you could simply Buy a Whitelabel Solution. Such solutions are ready-made and can be deployed immediately after you buy. Most low-capital businesses choose this type because it requires less manpower and low cost to get it developed. Some of the common Whitelabel solutions used are Metaplex on Solana Blockchain.
Some of the Important features to Integrate into Solana NFT Marketplace.
All the information about the users and their transactions should be available on the user profile page. Some of the important information could be the NFTs approved, sold, and bought. It would help users manage their portfolios in an easy way.
Alerts can be useful when any new NFT is listed or someone bought or sold an NFT to a specific user. Based on the Notification, the user can take a further step.
Complete end-to-end support should be given to the NFT marketplace Users. Also, All the queries should be answered on time. Some of the common ways by which you can provide support are Email and chat.
NFT Listing page
An NFT listing page should include all the relevant information about the NFTs such as purchase price, owner, and the payment method. A lot of sales can happen through the NFT Listing page.
With the help of the search feature, users would be able to search any specific nft or collection. This would make the process quite easy if in case any user looking for quick information.
All the transactions Happening on the NFT marketplace would be through the wallet. Hence you should offer different wallet support.
Solana Blockchain has seen a huge growth in the recent few months, as a number of applications are now launching on the mainnet. The NFT marketplace on the Solana Ecosystem would have a great impact on the crypto community. If you want to begin your entrepreneurial journey in the crypto space, you can develop a solana NFT marketplace, by partnering with our Blockchain development company. Based on your requirement, you will be guided by a team of experts and consultants.
For more valuable information, you can call us at +91-9429005987 or email us at email@example.com or Discuss Your Requirements Now